Yes, There’s a Special Mortgage Loan Just for Doctors!

February 19, 2018 By ,

It takes years of hard work to become a doctor. Help that hard work pay off with financing specifically tailored to a doctor’s needs. Particularly when physicians are just starting their careers, they can see many challenges in obtaining home financing. The new Doctor Loan from PRM can alleviate many of these challenges.

How The Doctor Loan Benefits Medical Doctors:

1. Large Student Loans

It’s extremely rare to find a medical doctor coming out of school or residency without a pile of student debt. The Association of American Medical Colleges reports that the average medical school debt balance for graduating physicians in 2015 was $183,000, and is higher today!

Most loan products are strict about a borrower’s DTI (Debt-To-Income Ratio), which can greatly affect the price of the home they qualify for. With this much student loan debt, doctors can find themselves in a sticky situation.

With The Doctor Loan by Pacific Residential Mortgage, we can waive medical student loan debt from a doctor’s DTI, increasing buying power. This can help bridge the gap between renting and owning a home and allows physicians to borrow money more easily.

2. Getting Into a Home Prior to Starting Work

Another challenge that doctors face is using an employment contract to assure lenders they will have consistent income and funds to close the loan once they begin their residency, or start at a new medical facility. The Doctor Loan program allows income from future primary employment or salary increase within 90 days of the note date to be used to qualify for a loan. This is something FHA, Conventional, VA, and Jumbo financing do not allow. If you are a physician, The Doctor Loan is flexible a choice.

3. Little to No Down Payment

Not very many first-time buyers, let alone residents, fellows, or newly attending physicians will have a 20% down payment. But you can get into your new home for as little as 5% down! You also have the ability to use qualifying gift funds for a down payment, closing costs, and cash reserves!

Challenges Doctors Face in the Loan Process: Benefits of The Doctor Loan:
Large student loans Medical student loan debt can be waived from the Debt-to-Income ratio (DTI).
Getting into a home before actually starting work Income received from future primary employment or salary raise within 90 days of the note date can be used to qualify.
Little to no down payment Gift funds can be used for down payment, closing costs, and reserves!


Doctors face a unique set of challenges in their everyday lives and careers; we’re here to alleviate the stress and burden of a complicated loan process from their already busy lives. If you have questions about The Doctor Loan, contact us or fill out the form below!

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